Japan preparing to intervene to weaken yen: report

SAN FRANCISCO (MarketWatch) -- The Japanese government is preparing to intervene in the currency market to weaken the Japanese yen while the Bank of Japan is looking into additional monetary easing, according to a Nikkei report dated Tuesday. The Nikkei suggested that since the U.S. debt woes played a part in strengthening the yen, Washington is expected to "look the other way" when Japanese authorities step into the market to sell the yen. The central bank may also consider further easing when the bank's policy board meets later this week, including a move to increase the BOJ's 40 trillion yen ($519 billion) asset-buying fund by ¥5 to ¥10 trillion. The dollar
USDJPY, +1.16%
recovered to ¥77.13 in recent activity, compared to ¥76.58 in earlier trade.

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